Lexington Partners
Private equityNew York · Growth · 2 people tracked
Also known as LEXINGTON ADVISORS LLC
Investment thesis
Lexington Partners operates across three private equity investment strategies: secondaries, co-investments, and primary fund commitments. It helped pioneer the institutional secondary market in 1990 and launched one of the first discretionary co-investment programs in 1998, acquiring private equity and alternative interests. Its Co-Investment Partners arm builds diversified portfolios alongside global sponsors, while its primary program commits to funds across regions and sectors. The firm emphasizes a consistent, time-tested market approach, deep team tenure, and responsible investment practices. As a global firm with over 1,300 investors from more than 50 countries and 950 sponsor relationships, it seeks to encourage adoption of responsible investment principles.
Source: firm website, verified Aug 11, 2026.
Team · 2 people
from the firm's website
Fund performance · per public LP disclosures · 52
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Lexington Co-Investment Partners VI-F, L.P.LPs: Florida State Board of Administration | 2025 | — | — | 1.16x | 0.00x |
| Lexington Co-Investment Partners VILPs: Minnesota State Board of Investment | 2023 | — | 17.7% | 1.07x | 0.00x |
| Lexington Capital Partners XLPs: Florida State Board of Administration, Minnesota State Board of Investment, New York City Employees' Retirement System +4 more | 2022 | — | 17.4% | 1.30x | 0.14x |
| Lexington Capital Partners X Co-InvestLPs: New York City Employees' Retirement System, New York City Police Pension Fund, New York City Board of Education Retirement System +1 more | 2022 | — | 21.6% | 1.34x | 0.00x |
| Lexington Capital Partners X Co-Invest XLPs: New York City Fire Department Pension Fund | 2022 | — | 19.4% | 1.34x | 0.09x |
| Lexington Co-Investment Partners V OverageLPs: Minnesota State Board of Investment, Maryland State Retirement and Pension System | 2021 | — | 10.8% | 1.39x | 0.18x |
| Lexington Co-Investment Partners V-F LPLPs: Florida State Board of Administration | 2021 | — | 16.2% | 1.46x | 0.17x |
| Lexington CIP V-F-O LPLPs: Florida State Board of Administration | 2020 | — | 16.4% | 1.48x | 0.22x |
| Lexington Co-Investment Partners VLPs: Florida State Board of Administration, Minnesota State Board of Investment, Maryland State Retirement and Pension System | 2020 | — | 13.3% | 1.44x | 0.21x |
| Lexington Capital Partners IXLPs: Florida State Board of Administration, Minnesota State Board of Investment, New York City Employees' Retirement System +3 more | 2019 | — | 14.4% | 1.54x | 0.54x |
| Lexington Capital Partners IX Lexington IX Co-InvestLPs: New York City Fire Department Pension Fund | 2019 | — | 23.8% | — | — |
| Lexington IX Co-InvestLPs: New York City Employees' Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund +1 more | 2019 | — | 20.7% | 1.62x | 0.62x |
| (Lexington) Co-Investment Partners 2005 LP (Pool IV)LPs: Florida State Board of Administration | 2017 | — | 15.9% | 1.90x | 1.05x |
| Lexington Co-Investment Partners IVLPs: Minnesota State Board of Investment, Maryland State Retirement and Pension System | 2017 | — | 14.8% | 1.88x | 1.06x |
| (Lexington) LCP FSBA Co-Invest Account LPLPs: Florida State Board of Administration | 2016 | — | 18.1% | 1.76x | 0.81x |
| Lexington Middle Market Investors IVLPs: Minnesota State Board of Investment, West Yorkshire Pension Fund, Maryland State Retirement and Pension System | 2016 | — | 12.9% | 1.54x | 0.62x |
| Lexington Capital Partners VIII LPLPs: Florida State Board of Administration, Teachers' Retirement System of the City of New York, Minnesota State Board of Investment +5 more | 2015 | — | 13.8% | 1.65x | 1.27x |
| Lexington Capital Partners VIIILPs: Teachers' Retirement System of the City of New York, New York City Employees' Retirement System, New York City Police Pension Fund | 2014 | — | 14.1% | 1.65x | 1.19x |
| Lexington Middle Market Investors III LPLPs: North Carolina Retirement Systems, Florida State Board of Administration, West Yorkshire Pension Fund +1 more | 2013 | — | — | 1.79x | 1.43x |
| (Lexington) Co-Investment Partners 2005 LP (Pool III)LPs: Florida State Board of Administration | 2012 | — | 15.4% | 1.91x | 1.68x |
| Lexington Co-Investment Partners 2005 Pool IVLPs: Florida State Board of Administration | 2012 | — | 25.3% | 1.84x | 0.47x |
| Lexington Partners Investment Holdings, L.P.LPs: Florida State Board of Administration | 2012 | — | 27.8% | 8.70x | 0.05x |
| Lexington Capital Partners VII (Offshore)LPs: San Bernardino County Employees Retirement Association, West Yorkshire Pension Fund | 2010 | — | — | 1.61x | 1.59x |
| Lexington Capital Partners VII LPLPs: Florida State Board of Administration, Minnesota State Board of Investment, New York City Employees' Retirement System +3 more | 2009 | — | 14.1% | 1.65x | 1.63x |
| Lexington VIILPs: Teachers' Retirement System of Oklahoma | 2009 | — | 13.5% | 1.64x | 1.62x |
| Lexington Co-Investment Partners 2005 (Pools I & II), L.P.LPs: Florida State Board of Administration | 2008 | — | 5.4% | 1.46x | 1.37x |
| Lexington Middle Market Investors II, L.P.LPs: North Carolina Retirement Systems, San Bernardino County Employees Retirement Association, West Yorkshire Pension Fund | 2008 | — | — | 1.82x | 1.80x |
| (Lexington) Co-Investment Partners 2005 LP (Pools & II)LPs: Florida State Board of Administration | 2005 | — | 5.3% | 1.45x | 1.43x |
| (Lexington) Co-Investment Partners 2005 LP (Pools I & II)LPs: Florida State Board of Administration | 2005 | — | 5.2% | 1.44x | 1.43x |
| Lexington Capital Partners VILPs: Florida State Board of Administration, Pennsylvania Public School Employees' Retirement System, Santa Barbara County Employees' Retirement System | 2005 | — | 6.9% | 1.40x | 1.39x |
| Lexington Capital Partners VI-B LPLPs: Florida State Board of Administration, Minnesota State Board of Investment, San Bernardino County Employees Retirement Association +2 more | 2005 | — | 6.9% | 1.39x | 1.39x |
| Lexington Middle Market Investors I, L.P.LPs: San Bernardino County Employees Retirement Association | 2005 | — | 11.4% | — | 1.64x |
| Lexington Partners IILPs: South Carolina Retirement System Investment Commission | 2005 | — | 13.3% | — | — |
| Lexington Partners VIILPs: South Carolina Retirement System Investment Commission | 2005 | — | 3.5% | — | — |
| Lexington VILPs: Teachers' Retirement System of Oklahoma | 2005 | — | — | 1.40x | 1.39x |
| Lexington Middle Market Investors, L.P.LPs: North Carolina Retirement Systems | 2004 | — | 11.4% | 1.64x | 1.63x |
| Lexington Co-Investment Partners 2005 (Pool III), L.P.LPs: Florida State Board of Administration | 2003 | — | 17.8% | 2.05x | 1.53x |
| (Lexington) Co-Investment Partners LP (Pools III & IV)LPs: Florida State Board of Administration | 2002 | — | 23.4% | 2.18x | 2.18x |
| Lexington Capital Partners V, L.P.LPs: Florida State Board of Administration, Empire State Development – New York Ventures, Pennsylvania Public School Employees' Retirement System +1 more | 2001 | — | 18.2% | 1.68x | 1.67x |
| Lexington Co-Investment Partners II (Pools III & IV), L.P.LPs: Florida State Board of Administration | 2001 | — | 23.4% | 2.18x | 2.17x |
| Lexington Capital Partners IV LPLPs: Florida State Board of Administration | 2000 | — | 20.2% | 1.78x | 1.78x |
| Lexington Capital Partners II, L.P.LPs: Connecticut Retirement Plans and Trust Funds | 1998 | — | 8.2% | 1.30x | 1.30x |
| Lexington Capital Partners III, LPLPs: Empire State Development – New York Ventures | 1998 | — | — | 1.26x | 1.26x |
| Lexington Co-Investment Partners (Pools & II)LPs: Florida State Board of Administration | 1998 | — | 6.3% | 1.35x | 1.35x |
| Lexington Co-Investment Partners (Pools I & II)LPs: Florida State Board of Administration | 1998 | — | 6.3% | 1.35x | 1.35x |
| Lexington Co Invest IVLPs: West Yorkshire Pension Fund | — | — | — | 1.81x | 1.01x |
| Lexington Co-Investment Partners IIILPs: West Yorkshire Pension Fund | — | — | — | 1.86x | 1.66x |
| LEXINGTON IXLPs: New York City Board of Education Retirement System | — | — | — | 1.40x | — |
| Mid Mrkt ILPs: San Bernardino County Employees Retirement Association | — | — | 1.4% | — | — |
| Mid Mrkt IILPs: San Bernardino County Employees Retirement Association | — | — | 15.1% | — | — |
| Prt VILPs: San Bernardino County Employees Retirement Association | — | — | 3.5% | — | — |
| Prt VIILPs: San Bernardino County Employees Retirement Association | — | — | 11.6% | — | — |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does Lexington Partners invest at?
- Lexington Partners invests at the Growth stage.
- What sectors does Lexington Partners focus on?
- Lexington Partners focuses on Sector Agnostic.
- Where is Lexington Partners located?
- Lexington Partners is headquartered in New York, US.
- Does Lexington Partners lead rounds?
- Lexington Partners typically participates in rounds rather than leading them.
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